Originally posted by Jessica3:
Originally posted by Mortgage Hunter:
An average would be $600 -700 these days. Depending on the property and the location.

I do know a firm who will do report based on photos if you have an IP in a remote locality.

Cheers

Simon Macks
Residential and Commercial Finance Broker
simon@mortgagehunter.com.au
0425 228…[Read more]

An average would be $600 -700 these days. Depending on the property and the location.

I do know a firm who will do report based on photos if you have an IP in a remote locality.

Cheers

Simon Macks
Residential and Commercial Finance Broker
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If…[Read more]

Originally posted by row:
Terry, is IO Interest Only? What is PPOR? Thanks.

PPOR = principal place lace of residence = home

IO = Interest Only

Simon Macks
Residential and Commercial Finance Broker
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial…[Read more]

Originally posted by daniellee:
Hi, Guys

After reading the opinions, I just wanted to clarify on redrawing extra repayments and taxation.

The redrawn extra repayments will not be treated by tax deductible, due to the fact that those extra repayment is considered your own private money (Your own earnings).

So, when Row moves out and declares her…[Read more]

Most any broker I know can do a NODOC loan – if that is the solution to your problem.

You need to choose one and discuss it further.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or…[Read more]

Originally posted by Pizang:
Dear all,

My name is Daniel Johns and I am writing for a publication titled Your Investment Property Magazine from Key Media http://www.keymedia.com.au

I was wanting to know if any of you would be interested in doing a profile for our first issue which comes out in February of 2006.
Please let me know. Thank you.

Dan…[Read more]

Originally posted by boon69:
I was always under the impresion you could get a good deal buying off the plan – doesn’t look that way at all,

OTP worked for a while during the last boom. I should think that it isn’t a wise strategy in this climate of lower CG.

Simon Macks
Residential and Commercial Finance Broker
simon@mortgagehunter.com.au
0425…[Read more]

contact Scott at http://www.depreciator.com.au

He is a hell of a nice fellow and will explain it all over the phone at no charge.

He will even tell you if a report is worth doing or not – but I bet it is!

I agree with the others – you need a new accountant. I cannot believe that any exist that have never heard of a depreciation schedule.

Simon…[Read more]

I wouldn’t pay down your current home unless you know you will be there for a long time.

Put the money into an offset account instead. Has the same effect and if you do rent this property you can draw the funds from offset without affecting the tax deductibility of the original debt.

I would be either:

paying down the car loan

or investing in…[Read more]

I am with Alistair.

Use a 20% deposit. Have an IO loan and save money in an offset account.

This is all absolutely vital if you plan on renting the property in future.

I would also consider somewhere else to keep your funds before then. Perhaps a managed fund is not apporpriate given your time fram. But investigate gearing into a fund or…[Read more]

Terry is right.

I always counsel my clients to structure the loan as Terry describes if they think that they may be moving onto a better place and renting out the first one.

It may feel unfair to you but it is the law.

There are ways around it – none cheap. Typcially they involve “selling” the house to a spouse or trust and that new buyer…[Read more]

Lighten up mate. I am trying to help you.

These sorts of apartments sound like they must be in high demand – there are never enough services for the people who really need them. I suspect they would only be too glad to have your one available for another needy person.

Have you spoken to them yet? Maybe you are imagining problems that don’t…[Read more]

CGT is paid on the overall profit. So it would be $35K less all buying and selling costs. Also less any capital improvements you made.

But if you claimed depreciation then this has to be added back.

You will need documetns to prove everything. Not for your tax return but for any audit that the ATO may conduct.

Tenant on a month to month…[Read more]

Originally posted by lburcham:
Originally posted by units4me:
Gee, a bankrupt trying to break a lease.
You sound like the perfect enemy to most on this forum.

First of all, for your information I’m not trying to “break” my lease. The apartments I live in do not hold you to a lease if you are buying a house or moving to another state, which I am…[Read more]

You can break the lease.

Worst case is you are responsible to pay the rent until a new tenant is found.

The rental manager must make all reasonable effort to advertise for and find a new tenant.

I am sure this would be preferable than a 10%+ rate.

By the time it settles there is another moneth or so gone from your lease [exhappy]

Simon…[Read more]

No CGT on your PPOR. Unless it was first rented. Or rented for over 6 years at any one stretch. Or if part of it was used to generate income ie renting a granny flat or running a home office that was declared as a income tax deduction.

No minimum time of occupancy either.

You need to do some research with the ATO to confirm this and learn…[Read more]

Sounds like you haven’t formulated a clear goal and strategy to achieve that goal. You are getting bogged down in details and not considering the big picture.

One option might be to get an approval for the maximum borrowing but just draw enough to finance the next buy. Then when you have determined a following purchase you can draw the…[Read more]

Originally posted by arrowsmith:
DLPP,

A) I would lose the 10k first home owners grant

Tragically common misconception.

Suggest you reread the legislation.

There is a link to your State’s requirments on my website.

Simon Macks
Residential and Commercial Finance Broker
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant…[Read more]

Originally posted by arrowsmith:
Mortgage Hunter,

I am not interested in high risk style investments.

As far as other investment options go I have been looking at some 5 star S&P managed funds which are a blend of property, cash and int securites. Even interest rate securites are attractive right now.

Some of these funds are getting returns…[Read more]

You don’t make it sound attractive at all.

What are forms of investment are you considering?

Simon Macks
Residential and Commercial Finance Broker
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a…[Read more]